Micron Technology, Inc. (NASDAQ:MU) will report earnings today, and analyst expectations are pretty much spread across the board. A little over half of them (54%) rate the company as a Buy, but others have downgraded it recently.

Micron technology

Micron could return to profitability

Writing on Forbes, Narrative Science said they expect to see the company return to profitability in today’s earnings report. They’re looking for earnings of 43 cents per share, compared to a loss of 27 cents per share in the same quarter a year ago.

They note that there have been several positive signs about Micron Technology, Inc. (NASDAQ:MU) of late. Consensus estimates for the company’s quarterly have edged upward by a penny over the last three months, and most analysts are expecting Micron’s revenue to be 103% higher than that of the same quarter a year ago. In addition, the company’s revenue has increased for the last three consecutive quarters.

Micron Technology surprised significantly to the positive in its October earnings report, coming in at $1.51 per share, compared to consensus estimates of just 24 cents per share. The June report was also a surprise, as Micron report earnings of 4 cents per share, compared to expectations of 2 cents per share.

Some analysts downgrade Micron

On the opposite end of the spectrum, UBS AG analysts downgraded Micron Technology, Inc. (NASDAQ:MU) on Friday from Outperform to Sector Perform. Their price target is $19 per share, and they say valuation was the reason for their downgrade.

Credit Suisse analysts also downgraded Micron on Friday from Buy to Sector Perform. Their price target is $26 per share, although that’s an increase from their previous $19 per share price target. The Credit Suisse team was also concerned about valuation. A third downgrade came from RBC, which cut the stock to Sector Perform amid concerns about risk in the first half of this year.

Micron shares rise ahead of earnings

As of right now, investors seem to have a good feeling about Micron Technology, Inc. (NASDAQ:MU). They’re siding with Greenlight Capital’s David Einhorn, who bought a big stake in the company during the third quarter of 2012.

Shares rose as much as 4% ahead of the company’s earnings report tonight.